Okoora extends its reach to Cyprus, laying the groundwork for a sweeping EU financial venture.
A new branch of the Swiss-Israeli fintech firm Okoora has established in Limassol, Cyprus. The company’s ultimate goal is to establish a platform that would allow it to begin operations throughout the European Union.
According to Okoora, the establishment of new offices across Europe will aid in the company’s pursuit of an EMI (Electronic Money Institution) license, which will enable it to facilitate electronic payments both into and out of EU member states.
In order for Okoora to become an authorized European investment business, it also hopes to obtain a Financial Brokerage licence. Its ambition to increase cooperation with financial institutions and the private sector throughout the continent depends on these licenses.
About thirty people with specialized knowledge of European regulatory compliance, licensing, technology improvements, marketing, and sales will work at the new operation in Cyprus. This helps Okoora achieve its expansion goals, which include maintaining security in a volatile financial climate and meeting strict international regulatory standards.
“The opening of our Cyprus branch marks a crucial milestone in our desire to secure licenses for full-scale commercial operations across the 27 EU countries, benefiting millions of businesses operating within this region,” stated Benjamin Avraham, founder and CEO of Okoora.
“In addition, we want to give financial institutions and businesses access to our platform through a Banking-as-a-Service model, which we have successfully implemented in Israel and for which demand is growing.”
Okoora keeps pursuing its expansion goals
The artificial intelligence (AI)-driven cloud-based platform Okoora Automated Business Currency Management was created to simplify international payments, banking, and risk management. In addition, ABCM provides access to a vast network of banks and transaction rooms, a sophisticated foreign exchange risk management system, and a full suite of operational tools.
The technology gives organizations control over their foreign currency flow while limiting currency risks and providing real-time information into currency markets. It also streamlines currency administration and offers AI technologies.
With more than 7,000 company clients, Okoora has experienced tremendous growth since its 2021 launch. It just joined forces with the international payment network Paysend. Paysend now has API access to the Okoora ABCM AI-powered hub through this relationship, enabling accurate and seamless business transactions in Israel and facilitating payments to all Israeli clearinghouses.